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The yen neared a four-month high against the dollar on Friday as global stock markets plunged again, triggering a rush into traditional safe-haven currencies.
The worsening risk sentiment and higher volatility also means many market players are now being forced to close their existing positions rather than making new bets.
The dollar slipped to 108.56 yen, edging near its four-month low of 108.28 hit on Jan. 26, and having lost 1.3 percent so far this week.
A break of that level could open the way for a test of its 2017 low of 107.32.
Before this week’s market mayhem, one of the most popular trades in the currency market ... (full story)